Crypto investor Karl Runefelt discusses the fundamentals of Bitcoin as the digital currency plunges below $40K amid the war in Ukraine.
Bitcoin is back on the rise after breaking a five-day losing streak on Tuesday.
The cryptocurrency was up 1.78% to $38,544.78 and traded around $41,000 on Wednesday morning.
Bitcoin has a history of volatility and has fallen over 7% since the start of the month and over 16% since the start of the year.
President Biden is expected to sign an executive order on Wednesday outlining a strategy for cryptocurrencies.
Biden’s order provides a 180-day deadline for reports on the “future of money” and the role that cryptocurrencies will play.
BIDEN SIGNS AN EXECUTIVE OFFICE TO DETERMINE US CRYPTOCURRENCY STRATEGY
There have been concerns that Russia is using cryptocurrencies to circumvent Western sanctions that have cut Russia off from much of the global economy.
President Joe Biden and the White House COVID-19 Response Team engage in a virtual call with the National Association of Governors from the South Court Auditorium of the Eisenhower Executive Office Building of the White House complex on Monday, Dec. (Kent Nishimura/Los Angeles Times via Getty Images/Getty Images)
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Part of the executive order will ask the Department of Justice to look at what is needed to create a digital currency.
An executive order could also help regulators find ways to bring cryptocurrencies under their control.